Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Penalty u/s 271B was levied on the assessee for failure to get accounts audited despite turnover exceeding prescribed limit u/s 44AB. The Assessing Officer relied solely on information provided by Mother Dairy regarding assessee's ledger account, without providing opportunity to assessee for rebuttal. The assessee, a retired army personnel and distributor of Mother Dairy, had bona fide belief that no books of accounts were required since income was from commission on sales. Section 273B provides immunity from penalty u/s 271B where assessee establishes reasonable cause or bona fide belief. Considering assessee's bona fide belief and status as retired army personnel and distributor, penalty was held not leviable. Decision favored the assessee.
Penalty u/s 271B was levied on the assessee for failure to get accounts audited despite turnover exceeding prescribed limit u/s 44AB. The Assessing Officer relied solely on information provided by Mother Dairy regarding assessee's ledger account, without providing opportunity to assessee for rebuttal. The assessee, a retired army personnel and distributor of Mother Dairy, had bona fide belief that no books of accounts were required since income was from commission on sales. Section 273B provides immunity from penalty u/s 271B where assessee establishes reasonable cause or bona fide belief. Considering assessee's bona fide belief and status as retired army personnel and distributor, penalty was held not leviable. Decision favored the assessee.
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TaxTMI 
TaxTMI 
of 4915 
